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In advance of a bond sale scheduled for Tuesday, Jan. 13,
Fairfax County has retained its AAA credit rating from all three
rating agencies – Moody’s Investors Service, Standard & Poor’s
Corporation and Fitch Ratings.

“Retention of the AAA rating is crucial during these uncertain economic
times and is a testament to the strong and consistent financial
management practiced by the county for many years,” said Board of
Supervisors Vice Chairman Sharon Bulova, who chairs the board’s Budget
Committee.

Each of the rating agencies reported that the county’s outlook was
stable, meaning that despite the recent decline in assessed values,
the agencies consider the impact to be well within the county’s ability
to continue to provide essential services and ensure payments to
bondholders. The county’s self-imposed financial and debt management
guidelines were mentioned as strengths by all three ratings services.

Fairfax County has held the AAA rating from Moody’s since 1975, from
Standard & Poor’s since 1978 and from Fitch Ratings since 1997. As
of Dec. 29, 2008, only seven states, 22 counties and 23 cities in the
nation have a AAA rating from each of these agencies.

Since 1978, Fairfax County has saved approximately $257.93 million on
bond sales due to its AAA rating on new public improvement bonds.
Including refunding sales, the county has saved more than $364.39
million.